PRESS DIGEST -Hong Kong - Oct 22

Reuters

HONG KONG, Oct 22 (Reuters) - These are some of the leadingstories in Hong Kong newspapers on Tuesday. Reuters has notverified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- China Cinda Asset Management Corp plans this week to add10 more underwriters to the syndicate for its potential $2billion Hong Kong float, sources said. Cinda was ready for alisting hearing with the stock exchange sometime in the next twoto three weeks, a banker involved in the listing said. ()

-- Alibaba , China's No 1 e-commerce firm, isconsidering a London listing as part of its potential $15billion share sale plan. Senior executives at the firm met UKofficials during London Mayor Boris Johnson's visit to Hong Konglast week, said sources with direct knowledge of the talks. ()

-- Chinese state television's criticism of Starbucks' "hefty product prices" in China and its demands for thecoffee chain to be fair and to avoid price discrimination havebackfired, resulting in widespread online criticism. A number ofonline users urged CCTV instead to go after large state-runenterprises that profit from de facto monopolies but provideexpensive products and unsatisfactory services. ()

THE STANDARD

-- A Malaysian businessman accused of processing a falsedocument involving $516 million for the failed Hong KongMercantile Exchange will plead guilty to a lesser charge, hislawyer said. Ong Shen Kuo was originally charged with possessinga false instrument with intent, which carried a sentence of upto 14 years in prison. ()

-- China Metal Recycling Chairman Chun Chi-waisaid on Monday a petition by the Securities and FuturesCommission to liquidate his company is not in the interests ofshareholders. It was Chun's first public statement since hisarrest in July for alleged fraudulent accounting. ()

-- Boyaa Interactive, China's largest developer of onlineboard and card games, has started its marketing play for aninitial public offering in Hong Kong. The Shenzhen-based firmwill become the third games developer to seek listing in thecity following Forgame Holdings and IGG. ()

HONG KONG ECONOMIC JOURNAL

-- Shanghai-based property developer Glorious Property was suspended from trading on Monday pending apossible privatisation bid worth about HK$3 billion ($387million) by majority shareholder Zhang Zhirong, just four yearsafter its listing in Hong Kong.

-- Staffs at 36 CP Lotus' stores in citiesincluding Beijing and Shanghai were holding a strike againstpossible layoff following a merger between the company andWumart. Eight of the CP Lotus' stores in Beijing havesuspended operations for three days with losses estimated at 10million yuan ($1.64 million) so far.

MING PAO DAILY NEWS

-- Suning Commerce Group has teamed up withChina Unicom and China Telecom, allowing thehome appliance retail chain operator to provide mobiletelecommunication subscription services to customers, a seniormanagement official from Suning said in his blog.

For Chinese newspapers, see...............

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